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in the economy and the lack of topline growth you're seeing from big companies reporting, like heather was referring to. >> rob, that was my point, really, is this change in market psychology. during the first quarter, that seemed to be how the market rationalized moving higher. even with a bad economic report, the fed is going to still be pumping out the $85 billion a month, so we shouldn't worry. but now we seem to be worried this week. what's going on? >> yeah, bill. i'm getting worried. i think the market psychology has changed a bit, so now we actually need good news to propel stocks higher, and i've been overweight stocks for 18 months now, but i've gotten a little more defensive here. i upgraded consumer staples, downgraded materials. haven't gone to an underweight on stocks yet, but i'm watching closely. as greg just mentioned, if the economic indicators are for the third summer in a row, turning down, this might be another sell in may, go away type summer. i don't think we're quite there yet, though. >> what are the most important numbers that we're looking at here, after the
estimations. it's an indication of a stronger economy, it's an indication of corporations, you know, managing their expenses properly. so it does validate my long-term view, but if somebody told me we were going to have a 5% correction, i would say, look at that as an opportunity to get into the market. >> certainly the way investors are looking at it, once again, today. cnbc contributor, carol roth, says she's not buying the growth story. carol, eric, good to see you. carol, you say you're not buying the growth story. how so? >> i'm not, maria. i seem to be one of the lone voices out there that does not believe that this market is driven by growth. it is driven because of lack of alternatives and because of the fed. larry mentioned something about koch. well, yes, koch beat earnings by 1 cent, but if you look at the year over year revenue, they actually declined. so we have a lot of financial engineering. we have a lot of costs coming out of the cost structure. that is not sustainable. if we want to have growth multiples on an ongoing basis, the topline revenue for these companies needs to g
rates. it's tough to make money, michael yoshikami, when you're in that economy and markets are that low. >> it's impossible to make money on the margin. and i think it's important to recognize that what american express is probably getting hit on here is what's happening with tax rates, happened in the first quarter of this year, and the other issue that's really occurring is i think businesses are still holding back on spending. significant percentage of their revenue comes from businesses. and you know, on the long-term, also, we have to be very, very aware, american express, on the long-term, is going to -- >> they're having a fire drill here at the new york stock exchange. >> it was scheduled. >> pre-scheduled, exactly. it was scheduled already. so ignore the noise here happening around me. >> okay. >> very quickly, i want to get to bruce mccain as well, michael. finish your thought. >> my thought was, you have to be careful about companies like paypal, all these other very inexpensive swaywaways to colle money, it will be a hit on american express margins, eventually. >> bruce mcca
rand. some of these companies might disappoint and say, listen, the global economy is a little on the slow side. we saw ge down today. >> ibm was the loser. down 8% in one day. bob, what's kboing going on, th? is it the slowdown in the global economy? >> yeah. that's why you want to watch these multi industry companies. it's nerdy to talk about ingersoll rand. but they make the stuff out there behind the walls. they make all the things that keep these buildings going and systems operating. when they talk about things slowing, we don't know if they're going to, but we've heard about slowdowns globally. that's where you're going to see it first. >> ingersoll rand is also going to sidestep on the housing recovery. that could be a positive. >> a little bit. you're going to tear them talking about where things are overseas. what's good about these companies, a lot of earnings are overseas. >> global story then the consumer. coach out tomorrow. >> north america's the key. >> coach had an issue last quarter. >> the problem is north america. i think their sales growth was something on
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